The Ministry of Trade, Industry and Energy (MOTIE) of South Korea and three Australian government departments signed a landmark Green Economy Partnership Arrangement (Green EPA) on December 20. The agreement, involving Australia’s Department of Climate Change, Energy, the Environment and Water (DCCEEW), Department of Foreign Affairs and Trade (DFAT), and Department of Industry, Science and Resources (DISR), aims to enhance bilateral trade and investment in clean economy sectors while bolstering energy security and supply chain cooperation.
This bilateral arrangement is seen as a significant upgrade in Korea-Australia collaboration, offering a comprehensive platform for expanding partnerships in clean energy and low-carbon technologies. Businesses in both nations can expect more tangible and wide-ranging cooperation as a result.
A key focus of the Green EPA is developing a stable hydrogen supply chain, with Australia playing a pivotal role in the Asia-Pacific region. Australia has also completed procedures to enable cross-border CO2 transport and is utilizing depleted gas fields for carbon capture and storage. These developments pave the way for increased bilateral efforts in carbon capture, utilization, and storage (CCUS).
The agreement is projected to diversify energy supply chains, improve energy security, and create opportunities for clean energy innovation. It is also expected to propel sustainable economic growth in both countries by catalyzing trade, investment, and job creation.
MOTIE Minister Dukgeun Ahn described the Green EPA as a “comprehensive and strategic cooperative system” that surpasses previous collaboration levels. He emphasized that partnerships with Australia’s government departments will open new avenues for Korean businesses to secure advanced technologies and access global markets.
Australian DCCEEW Minister Chris Bowen highlighted the alignment of both countries’ Net Zero 2050 targets, noting the potential for deeper cooperation in hydrogen and clean minerals. He added that the arrangement would foster new employment and export opportunities, benefiting the broader region.
This landmark agreement solidifies the commitment of South Korea and Australia to advance clean energy industries and achieve mutual climate goals.
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